Leverage financial information for decision making in the health care environment.
Financial management of health services presents varied challenges unique to the health care industry, from health insurance to patient care issues. In HAD 501 Health Care Financial Management I, you’ll gain a detailed understanding of these challenges and develop skills to use financial information in the organizational decision-making process.
A main focus of this course is a budget project for which you’ll use case studies throughout the semester to understand how a health care organization’s budget is developed. In addition to accounting and finance concepts, you’ll learn the key issues health care managers face every day, including the third-party payer system and incentives created by various payment methods. You’ll discuss why financial statements are important to managers and how a balance sheet can provide useful information.
What is the process of identifying health care costs and price allocation?
Discuss this and more in HAD 501.
You’ll come to understand the capital budgeting process and the key issues in cash flow estimation. You’ll learn to apply basic financial analysis to determine the financial condition of an organization. You’ll also consider factors unique to health care such as the reimbursement methodology. You’ll view budgeting and accounting from the perspective of alternate health care organizations such as long-term care facilities and physician practices.
Analyze a health care organization’s strategy, structure, technology, culture, and more using the key concepts learned throughout the course.
Throughout each week of the course, you will focus on a core topic or theme. Sample topics are listed below and are subject to change based on the instructor.
- Introduction to Health Care Finance and Budgeting/Planning
- Financial Accounting Basics and the Income Statement
- The Basics of Capital Budgeting
- Financial Condition Analysis
- Third Party Payment Systems and Managerial Accounting
- Managerial Accounting, Cost Allocation and Pricing and Service Decisions
- Financial Performance of Alternative Health Care Organizations: Long-Term Care Facilities and Medical Group Practice Management, Basic Financial Management Concepts
- Review and Completion of Budget Project
What You’ll Learn
In HAD 501, you’ll consider the importance of financial management for health care organizations in a rapidly changing medical delivery system.
- Interpret financial statements and evaluate organizational performance.
- Understand the concepts and analytical tools used for capital investment and financing decisions.
- Use financial information for decision making and evaluating organizational performance.
- Possess skills, competencies, values, and points of view needed for financial decision making.
- Know the concepts and analytical tools used for capital investment decisions.
- Understand payment methods used to reimburse health service providers and the role of health insurance in financing health services.
- Relate financial decision making to pressures from the external environment.
- Know the function of the financial team and chief financing officer of health organizations.
- Apply quantitative methods for decision-making.
Through HAD 501, you’ll hone your decision making skills in order to make finance-related decisions in health care management. For more information about this course or other courses in The University of Scranton’s online Master of Health Administration degree, request more information or call us today toll-free at (866) 373-9547.
The content presented on this page is representative information for example purposes and is subject to change as course and student needs change over time.